The term ‘agricultural technology’ has been in use for long and encompasses many aspects of use of technology in agriculture. But never has it been more necessary to combine the two than at present. The boom in population and depletion of arable land has left the governments and people distraught. There has been an increase in the food demand owing to rising population and poverty. Agricultural technology has been instrumental in increasing the efficiency, profitability and productivity in agriculture. With the introduction of Internet of Things (IoT) in agriculture, the face of agricultural industry will change drastically, as it helps in connecting the agricultural planning and operations.
The IoT technology in agriculture solves the problem of monitoring by gathering real time data and provides a decision support system, which maximizes the quality as well as quantity of agricultural produce, which in turn increases revenue. With the use of sensors, cloud computing, RFID tags, and data management software, the IoT technologies assist in better monitoring of the farmland and collection of data regarding crop and soil behaviour, cattle conditions and their locations, agriculture machines and inventory status. Owing to global population and food sufficiency concerns, the IoT in agriculture market is growing at a substantial rate. This market comprises of complex components, technologies and systems and is affected by factors like increasing emphasis on food security, growing adoption of ICT in agriculture, adoption of drones or UAVs in agriculture, growing popularity of precision agriculture and need for data management in agriculture.
There are always certain challenges to overcome in order to achieve the height, the agricultural industry faces the same. The drag in the growth of the market is because of lack of huge capital investment, lack of infrastructure and awareness among emerging economies, data accuracy and reliability factor and lack of government support. Despite these challenges the global IoT in agriculture market is expected to grow substantially over the period of 2016 to 2022. The gradual growth of awareness of IoT technology in agriculture is set to drive the market ahead in the future. The key players are leaning towards more partnerships and collaboration to expand their operations across the world and create disruption for new players. The leading players in the market are Ag Leader Technology, Trimble Navigation, Ag Junction, SST Software, and John Deere & Co.
The IoT in agriculture market has been categorized into major application types and systems used for the applications. Some of the prevalent application types in this market are yield monitoring, variable rate application, field mapping, soil monitoring, crop scouting, precision irrigation, livestock management and others. However, precision irrigation application is leading the market, closely followed by yield monitoring application. Another application which is gaining widespread popularity is the livestock management robots, because of their proficiency in managing and recording data related to livestock simultaneously.
For effective agricultural operations and efficiency, it is necessary to have a precise integration of the system components and software of the whole system and this harmony should be maintained over time. BIS Research in its latest report has conducted an extensive market research on ‘Global IoT in Agriculture Market- Analysis and Forecast (2016-202)’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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